Innovation and Its Dimensions | Study
Added on 2020-04-01
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Professional Development
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1INNOVATION AND ITS DIMENSIONSName of StudentName of InstitutionName of TutorDate
2Table of ContentsExecutive Summary.........................................................................................................................3Literature Review............................................................................................................................3Innovation and investments.........................................................................................................5Barriers to innovation...................................................................................................................6Dimensions of innovation................................................................................................................7Conclusion.....................................................................................................................................10APPENDICES...............................................................................................................................12APPENDIX A............................................................................................................................12APPENDIX B............................................................................................................................12Market scanning.........................................................................................................................12References......................................................................................................................................13
3Executive SummaryInnovation is concerned with the development and inventing new ideas. According to Freeman, 2012, innovation may not be related to invention, but it still leads to innovation in other contexts. More specifically, innovation can be defined as that consisting of scientific, technical, commercial, and financial procedures that are aimed to ensure development and marketing of newly or an improvised product. From the definitions of innovation above, it can beseen that there are majorly two broad categories of innovation (Panagiotakopoulos, 2012). The two classes are product innovation and process innovation. Innovation plays a key role in a business environment today, to properly improve business processes; the management needs to be cognizant to the innovative aspect. Innovation has become most important aspect for the survival of organizations. It may be concerned with the companies that are in competition for theshare of the market or the public companies that require improvement on the delivery of their services. Literature ReviewDuring 1990s, the world was faced by changes in social life, politics, and technology. People began to think about terms like globalization and the internet. These terms exactly show what the current world is facing. It is evident from history that the world has faced two great revolutions; for instance, the agricultural revolution and industrial movement. Most researchers have indicated that we are currently in the middle of the third revolution (Abella, 2004). The agricultural movement was concerned with farming, which requires certain technological advances to make it successful. The agricultural products must also pass through industries in order to come up with other products through manufacturing processes. All these things require
4development of ideas that are arrived at through innovation. Therefore, innovation has aided revolutions both industrial and agricultural. The building of factories characterized the industrial movement where products were turned into goods that are more useful. A lot of research therefore needed to be done in order to know more about the procedures and get viable information. The third revolution that we are is thus characterized by the presence of personal computers and smart phones that make it possible to search for information in the internet easily to enhance our understanding help us to be innovative, and develop new ideas (Adams, 2002). The most important factor in innovation is the development of ideas. Ideas have unique characteristic, for instance, it is not exhaustive- that is, other people can still use an idea that has been used by somebody severally. In the world of business, new inputs can be employed to improve and not to lower the returns. The process of managing innovation depends on the type of innovation at hand. This is because there are several types of innovations that can be explored by an organization or a firm, but the most common types revolve around product and services. There is an ongoing debate about the need for successful innovation in order for it to be a greater one. According to Tidd andBessant, 2011, innovation does not mean an idea only, but it represents implementation as well. Irrespective of how one defines innovation, it is important to note that the aspect of innovation is not a current one, but that which has existed for several years (Amuedo-Dorantes, & Pozo, 2004). For instance, in history, there have been instances where ideas are converted in to realization. Throughout the time, several innovative ideas have been developed, tested and implemented. Some of these ideas have gone a long way in helping organizations achieving theirgoals and objectives.
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